Indian Shares Tumble On US Rate Hike Concerns
Indian shares opened lower on Thursday, mirroring weak global cues on concerns about aggressive interest rate hikes by the U.S. Federal Reserve.
The dollar spiked and Treasury yields hit fresh highs after Cleveland Fed President Loretta Mester said policy makers should raise rates beyond 4 percent and deliver no rate cuts in 2023.
The benchmark S&P/BSE Sensex fell 490 points, or 0.8 percent, to 59,050 in early trade, while the broader NSE Nifty index was down 150 points, or 0.8 percent, at 17,610.
IT, financials and metal stocks were among the worst hit, with Infosys, SBI Life, TCS and Hindalco losing 2-3 percent.
ONGC fell 2.4 percent as oil extended recent losses on concerns over lower China demand.
SpiceJet slumped 6.5 percent after widening its quarterly net loss.
Tata Motors edged up slightly after it completed the acquisition of 100 percent stake in Tata Marcopolo Motors Limited.
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